Alexander Petersons Talks About The Future of Cloud Mining and The Crypto Markets
Alexander Petersons is the product director of Hashtoro, a popular cloud mining service. He was recently interviewed by the media and talked about the future of the cryptocurrency markets, decentralization and even about how profitable Bitcoin mining really is.
The Future Of Crypto After The Massacre
We all know that the bear market has demolished many investors that believed that Bitcoin would reach the sky last year, so one of the most important topics that Petersons talked about was the market. According to him, the market is experiencing a decline, but it will be only temporary. He counts that the market was declared dead seven times and it is still alive and kicking.
Alexander Petersons defends the idea that Bitcoin might reach the price of $50,000 USD this year, however, he understands that this will only happen on certain positive conditions. He understands that the drop in the price of Bitcoin happened after the liquidation of Mt. Gox’s assets and that there is still a chance for the price to recuperate soon but it will not necessarily be very easy.
He also believes that more people will shift to cloud mining because of the growing difficulty of hash calculations and he expects more cloud mining sites to appear in the next few years. He affirmed that Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Monero (XMR) are not going anywhere and these tokens will continue to be strong, which is why the company mines them.
Efficiency and Mining Viability
Talking about the future of mining, Petersons seems to be confident. He believes that, unlike what Vitalik Buterin is preaching, proof of stake will not supplant proof of work. Yes, Bitcoin mining is wasteful, but he believes that the key is efficiency. Why? Because it is easier to censor proof of stake than proof of work, which makes it more secure.
This is why efficiency has to be improved. Hashflare, he believes, died because it was unprofitable and it was only unprofitable because it was simply not optimized to be efficient. In such a volatile market, you have to be prepared for not being lucky all the time.
According to him, cutting maintenance fees is very important. Cloud mining can still be profitable even amidst crisis if a company is really focused on efficiency as Hashtoro is. The farm of the company are located in European countries that are crypto-friendly and they have access to cheap energy, the most important aspect.
Having your mining rigs in a cold country also helps because of the heat and gives ASIC miners more efficiency. The company is even planning on creating its own optimized rigs in the future to achieve even better results.
The system determines which crypto is more profitable to mine at each time and switches automatically to that one. At the end of the day, all mined coins are converted into currency and the clients receive up to 10% more profit this way. This way, the company cut costs and make good contracts for the clients.
All the mining on Hashtoro is made on an industrial scale and always using the newest equipment, something that people simply cannot do at home. This makes even Bitcoin mining very profitable when the prices are low and let the customers mine BTC this without having any losses.
The executive also talked about some other topics like cloud mining scams. According to him, it is important to stand out in the crowd if you do not want to be confused with a scam. It’s all very word of mouth in the crypto industry and, if you show a good work, people will notice, he believes.
This way, the company was able to be successful even in a market crowded with scams because it provided that it could be very reliable.
Petersons also talked about Bitmain. He believes that the company is one of the strongest players in the mining market right now, but there is nothing to worry because if Bitmain used 51% attacks, it would simply render its equipment useless as people would abandon Bitcoin.
At the end of the interview, Petersons recommended new investors that are entering the market right now to buy Bitcoin while the price is low. Also, he said that they should educate themselves because the market is complicated and knowledge can help you as cryptos are shaping the world and the market.
He is a firm believer that we will see more legalized cryptos in the future and that is when the growth will explode.
About Alexander Petersons
Petersons works as the product director at Hashtoro and is an IT specialist and serial entrepreneur. He started out in small IT companies in Europe and then moved to the United States, when he started to work his way to the top. He also worked for the development of mobile processors in Qualcomm, a telecommunications equipment company from the United States.